Australia's NextEd extends losses to 6-mth low as brokers cut PT

Nexted

11/07/2023 04:45

(Adds share moves, volumes, and milestones)
    ** Shares of NextEd Group  NXD.AX  slip as much as 5.7% to
A$1.165 - their lowest level since Jan. 12
    ** The vocational training providers stock is set for third
straight session of losses
    ** Stock closed down 14.5% on Monday, its worst session in
nearly 3 years, as its FY23 earnings outlook missed estimates
    ** Canaccord Genuity (CGF) cuts PT on NXD to A$1.80 from
A$2.00; Ord Minnett lowers PT to A$1.65 from A$1.90
    ** CGF lowers NXD's FY24 EBITDA estimates by 3% and EBIT
forecast by 13%
    ** Nearly 778,000 shares traded, vs 30-day avg of ~578,000
    ** NXD last down 4.9%, cutting YTD gains to ~3%

 (Reporting by Harish Sridharan and Rishav Chatterjee in
Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com))